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Australian shares fell on fresh concerns about the eurozone debt crisis, sparked by a downgrading of Italy's sovereign debt.
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The local bourse extended earlier
losses to finish around one per cent weaker on Tuesday ahead of crucial
talks about the Greek debt crisis, and a meeting of the US Federal
Reserve that may lead to further economic stimulus.
At the close, the benchmark S&P/ASX200 index declined 41.3 points, or 1.01 per cent, to 4,040.2, while the broader All Ordinaries index fell 39.3 points, or 0.94 per cent, to 4,124.8.
The local bourse opened about half a per cent lower after ratings agency Standard & Poor's did "the last thing" investors wanted it to do - downgrading Italy's credit rating, IG Markets dealer Chris Weston said.
"Even though values are ridiculously cheap ... investors are looking short term at how (headlines) decipher into future policy and these bailouts," he said.
Shares were sold off in afternoon trade in trepidation ahead of potentially key developments in the European and US debt crises.
The US Federal Reserve's Open Market Committee begins a two-day meeting later on Tuesday night (Australian time) amid speculation Fed chairman Ben Bernanke could announce a fresh stimulus package.
Greece will also continue talks with the International Momentary Fund and European Union on Tuesday after being warned to tighten its austerity measures and ramp up state asset sales to secure rescue funds and stave off bankruptcy.
"Unfortunately again, we can blame investor jitters ... a lack of anything positive to drive them (shares) higher," Commsec market analyst Juliette Saly said.
National turnover was 1.59 billion shares changing hands for $4.23 billion, with about seven out of every 10 shares trading lower.
On the ASX 24, the December share price index futures contract dropped 50 points to 4,044 points, with 37,882 contracts traded.
Materials and financials - the largest sectors on the market - were hardest hit, falling 1.6 and 1.3 per cent, respectively.
Mining giant BHP Billiton dropped 2.1 per cent, or 80 cents, to $36.80, with fellow miner Rio Tinto down 1.9 per cent, or $1.30, at $68.90 after commodity prices fell on offshore markets.
The big retail banks took a beating from contagion fears from the eurozone debt crisis. National Australia Bank fell the furthest in percentage terms, shedding 1.96 per cent, or 44 cents, to $22.00. Westpac was down 28 cents at $19.23, ANZ was off nine cents at $19.32 and Commonwealth Bank was 58 cents weaker at $44.37.
The weakest company on the ASX 100 was uranium mining company Paladin Energy, which dived 6.7 per cent to $1.47. The best performing stock was biopharmaceutical group CSL, which rose 2.8 per cent to $27.20.
Qantas fell 2.5 cents, or 1.6 per cent, to $1.52. More than 4,000 ground staff from the airline walked off the job in a four-hour work stoppage over pay and conditions.
Shares in grocery wholesaler Metcash rose four cents to $4.12 after the Federal Court dismissed the competition watchdog's bid to stop the company's $215 million deal to purchase the Franklins supermarkets.
The closing price of gold in Sydney was $US1,787.53 per fine ounce, down $US36.17 from $US1,823.70 on Monday.
At the close, the benchmark S&P/ASX200 index declined 41.3 points, or 1.01 per cent, to 4,040.2, while the broader All Ordinaries index fell 39.3 points, or 0.94 per cent, to 4,124.8.
The local bourse opened about half a per cent lower after ratings agency Standard & Poor's did "the last thing" investors wanted it to do - downgrading Italy's credit rating, IG Markets dealer Chris Weston said.
"Even though values are ridiculously cheap ... investors are looking short term at how (headlines) decipher into future policy and these bailouts," he said.
Shares were sold off in afternoon trade in trepidation ahead of potentially key developments in the European and US debt crises.
The US Federal Reserve's Open Market Committee begins a two-day meeting later on Tuesday night (Australian time) amid speculation Fed chairman Ben Bernanke could announce a fresh stimulus package.
Greece will also continue talks with the International Momentary Fund and European Union on Tuesday after being warned to tighten its austerity measures and ramp up state asset sales to secure rescue funds and stave off bankruptcy.
"Unfortunately again, we can blame investor jitters ... a lack of anything positive to drive them (shares) higher," Commsec market analyst Juliette Saly said.
National turnover was 1.59 billion shares changing hands for $4.23 billion, with about seven out of every 10 shares trading lower.
On the ASX 24, the December share price index futures contract dropped 50 points to 4,044 points, with 37,882 contracts traded.
Materials and financials - the largest sectors on the market - were hardest hit, falling 1.6 and 1.3 per cent, respectively.
Mining giant BHP Billiton dropped 2.1 per cent, or 80 cents, to $36.80, with fellow miner Rio Tinto down 1.9 per cent, or $1.30, at $68.90 after commodity prices fell on offshore markets.
The big retail banks took a beating from contagion fears from the eurozone debt crisis. National Australia Bank fell the furthest in percentage terms, shedding 1.96 per cent, or 44 cents, to $22.00. Westpac was down 28 cents at $19.23, ANZ was off nine cents at $19.32 and Commonwealth Bank was 58 cents weaker at $44.37.
The weakest company on the ASX 100 was uranium mining company Paladin Energy, which dived 6.7 per cent to $1.47. The best performing stock was biopharmaceutical group CSL, which rose 2.8 per cent to $27.20.
Qantas fell 2.5 cents, or 1.6 per cent, to $1.52. More than 4,000 ground staff from the airline walked off the job in a four-hour work stoppage over pay and conditions.
Shares in grocery wholesaler Metcash rose four cents to $4.12 after the Federal Court dismissed the competition watchdog's bid to stop the company's $215 million deal to purchase the Franklins supermarkets.
The closing price of gold in Sydney was $US1,787.53 per fine ounce, down $US36.17 from $US1,823.70 on Monday.
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